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Age 64

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Life insurance for a 64 year old generally calls for permanent life insurance, either Whole Life or Universal Life, for estate planning. Term life insurance is cost effective for higher coverage amounts to replace lost income before retirement or to cover loans. Cheap term which one can outlive is a poor substitute for lasting value of permanent coverage.

 

Permanent

Guaranteed Universal Life (GUL) is much less expensive than Whole Life and locks in coverage at a fixed rate to a designated age. Lifetime Guaranteed UL locks in coverage to age 120 or beyond. See sample lifetime Guaranteed UL rates below. Click here for an overview of options and recommendations for people in their 60’s. Go here for Whole Life final expense quotes ages 60 to 69.

 

Female – 64 years old

Face
Amount
Monthly at
Preferred
Best
Monthly at
Standard
Guarantee
Period
Top Carrier
$25,000 $47.00 $62.00  Age 120 (approximate)
$50,000 $89.00 $102.99 (approximate) at preferred best; Symetra at standard
$100,000 $147.65 $186.70 Symetra
$250,000 $339.55 $435.05 Symetra
$500,000 $658.35 $850.10 Symetra
$1,000,000 $1,296.70 $1,680.30 Symetra
$2,000,000 $2,593.00 $3,360.50 Symetra
$5,000,000 $5,953.00 $8,088.00 Symetra

 

 

Male – 64 years old

Face
Amount
Monthly at
Preferred
Best
Monthly at
Standard
Guarantee
Period
Top Carrier
$25,000 $56.00 $76.00  Age 120 (approximate)
$50,000 $106.00 $122.54 (approximate) at preferred best; Symetra at standard
$100,000 $175.00 $225.10 (approximate) at preferred best: Symetra at standard
$250,000 $410.50 $532.80 Symetra
$500,000 $801.00 $1,045.65 Symetra
$1,000,000 $1,582.10 $2,071.30 Symetra
$2,000,000 $3,164.20 $4,142.60 Symetra
$5,000,000 $7,290.50 $9.984.00 Symetra

 

 

Term

Lowest price is the obvious primary consideration for choosing term life. The quality feature to term is the carrier’s conversion to permanent options. Ask about the product’s age limit of term conversion and current conversion to permanent products. Protective Life overall best for conversion, though other carriers should be evaluated to tailor to individual goals.  American National has a chronic and critical illness rider to their term insurance that merits consideration. Below gives the price range for best health, preferred best to average health, standard, for non tobacco users.

 

Term and age 90 fixed premium Guaranteed UL quotes:

 

Female – Preferred Best – 64 year old

Face
Amount
10 year
Term
15 year
Term
20 year
Term
Age 90
Guaranteed UL
$100,000 $31.22 $41.33 $58.52 $122.00
$250,000 $61.43 $81.89 $124.93 $266.00
$500,000 $113.53 $151.48 $231.00 $506.00
$1,000,000 $209.00 $283.22 $435.16 $961.00

 

Female –  Standard Non-Tobacco – 64 year old

Amount 10 year
Term
15 year
Term
20 year
Term
Age 90
Guaranteed UL
$100,000 $53.65 $71.97 $98.96 $145,00
$250,000 $111.96 $159.07 $228.92 $335.00
$500,000 $208.08 $306.92 $448.42 $676.00
$1,000,000 $372.71 $559.41 $851.51 $1,261.00

 

 

Male – Preferred Best – 64 year old

Amount 10 year
Term
15 year
Term
20 year
Term
Age 90
Guaranteed UL
$100,000 $47.18 $62.26 $89.30 $144.05
$250,000 $94.97 $128.58 $188.80 $345.00
$500,000 $179.58 $246.34 $355.43 $641.00
$1,000,000 $336.75 $444.96 $664.97 $1,261.00

 

Male – Standard Non-Tobacco – 64 year old

Amount 10 year
Term
15 year
Term
20 year
Term
Age 90
Guaranteed UL
$100,000 $79.06 $107.35 $148.95 $186..59
$250,000 $171.83 $243.41 $344.00 $447.35
$500,000 $325.75 $473.93 $681.97 $890.00
$1,000,000 $631.35 $853.24 $1,299.58 $1,704.00

 

Closer to being 65 years old?  If over 64 and a half, see age 65 quotes, since most carriers set rates by nearest age. Backdating policy up to six months to save previous age is generally permitted.  Annual mode is less expensive than monthly.

 

Survivor life insurance (second-to-die)  age 64 quotes

 

Please contact me  for a free confidential quote.  Many more options available.

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Licensed Agent:  Sean Drummey
phone: (910) 328-0447
email: spdrummey@gmail.com

 

 

Lower premiums available on Guaranteed UL plans with the no lapse guarantee to age 90, age 95, age 100, age 105, age 110 or whatever age designated. Catch up premium options available with some plans.  Contact me for details.

Carriers and Products quoted:
Symetra Life Insurance Company: “Symetra Classic UL 120”

Trend:  Five major carriers raised Guaranteed Universal Life (GUL) premiums in the fall of 2016.   Symetra’s GUL premiums remained unchanged.   Some 15 and 20 year rates were lowered at preferred best since last update in June 2016.

 

last revised: 10/10/2016  – quotes listed as approximate are to the nearest dollar; non tobacco rate; rates subject to change, quote accuracy or completeness not guaranteed